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Even when home prices are rising overall, they may fall significantly in some areas. That can lead to a high loan-to-value ratio, or a situation in which a homeowner has a mortgage balance that is close to, or even higher than, the homes market value. Having little or no equity can make it difficult for homeowners to refinance, even with a high income and credit score, and can leave them stuck in mortgages with high interest rates. Fortunately, several refinancing programs can help borrowers in that situation.

Fannie Mae and Freddie Mac
The Home Affordable Refinance Program (HARP) ended in 2018. Fannie Mae introduced the High Loan-to-Value Refinance Option (HLRO) for homeowners with little, or even negative, equity who didnt take advantage of HARP.

If you have a Fannie Mae mortgage with a Note Date on or after October 1, 2017, at least 15 months have passed since that date, and you are current on your payments, you may be able to refinance. You may not have had more than one 30-day delinquency in the past year, any 30-day delinquency in the past six months or any delinquency greater than 30 days. Your mortgage may not have already been refinanced through a Fannie Mae program. There is no limit on debt-to-income ratio and no minimum credit score.

HLRO may reduce your monthly payments, lower your interest rate, shorten the amortization term of the loan or switch you to a more stable loan product, such as a mortgage with a fixed instead of adjustable rate. If you currently have mortgage insurance, it must be transferred to the new mortgage.

Freddie Macs Enhanced Relief Refinance Mortgage is similar to HLRO. Its for homeowners who are current on their payments but who dont have enough equity for a standard refinance, especially those suffering due to declining property values.

Other Federal Refinancing Programs
The Federal Housing Administration has a refinancing program that can help if you have a high LTV, even more than 100 percent. Your loan must be current, and you must extend existing mortgage insurance to the new loan.

The Veterans Affairs Administration offers the VA Interest Rate Reduction Refinance Loan. If you choose this option, you will probably have to pay a VA funding fee, but you wont need an appraisal, credit underwriting or mortgage insurance. Although there is no limit on the amount you can borrow to refinance, the VA will usually only assume up to $36,000 in liability per veteran.

Conventional Loans
For a conventional mortgage refinance, many lenders require at least 20 percent equity. You may be able to refinance with less equity, but your new loan will probably be subject to a higher interest rate, fees and private mortgage insurance.

Explore Refinancing Options
If you would like to lower your monthly mortgage payments but dont have enough equity for a traditional refinance, other avenues are available. Contact your lender to find out if you are eligible for one of these programs.

Published with permission from RISMedia.

Say what you want about millennials, but theres no denying that they have a knack for creating stylish and photogenic living spaces. As this generation continues to play a growing role in the luxury home market, it only makes sense that theyve begun to dictate whats in vogue and whats not. If youre looking to stage your home in a style that appeals to young, affluent homebuyers or simply want to keep your new residence up with the latest trends, here are a few interior design styles that millennials love.

Warm Minimalism
Theres much to love about minimalism, but for some people it just feels a little too cold. The obvious solution, of course, is to warm it up with earth tones, natural textures and handmade objects. Warm minimalism is one of the darlings of todays design world and is quite similar to another current favorite ” Scandinavian farmhouse.

Maximalism
On the other end of the spectrum, some of us need a burst of color, texture and patterns. If you love collecting items from different places, time periods and design movements, then Maximalism is for you. As always, when creating a sense of contrast, its important to thoughtfully curate each space so that it feels intentional and not chaotic.

Grandmillennial
Grandmillennial surged onto the scene towards the end of 2019 when House Beautiful coined the term and perfectly captured the aesthetic. While some millennials gravitate toward sleek and modern interiors, there are those who prefer to decorate with an eclectic mix of antique objects, needlepoint pillows and chintz fabrics. You know, the way their grandmothers used to!

Transitional
Walking the line between traditional and contemporary, transitional style holds widespread appeal. Young and affluent homeowners who have an appreciation for classic aesthetics but still want to feel current are choosing this look to create sophisticated interiors.

Memphis Movement
The iconoclastic Memphis Movement of the 1980s has made a comeback of sorts in recent years. While its over-the-top and quirky look might not be exactly what were seeing now, its definitely influenced current tastes, like the ever-popular shade of millennial pink or the resurgence of terrazzo surfaces and graphic patterns.

Published with permission from RISMedia.

If a tree falls on your roof, youre covered. If an accidental fire breaks out, youre covered. If a burglar breaks in and steals precious possessions, dont worry…youre covered. Most homeowners insurance covers many things youre probably aware of, as well as a few things you might not know.

Here are six surprising things your homeowners insurance policy may cover.

Pet Damage or Injury
If your dog bites the neighbor, whether in your yard or theirs, any medical bills that follow will be covered by your homeowners insurance. Any property damage caused, including scratches on a car or front door, or a broken planter or outdoor furniture, is also included in your policy. Check the guidelines, such as specific breeds, as the policy may have some limitations.

ATM, Credit or Debit Card Fraud
If you fall victim to credit card fraud or someone gets hold of your checkbook, your homeowners insurance can help. Of course, you should always contact your bank first, but as a backup, your policy will typically cover up to $500 in losses.

Drones
If you or a member of your household owns a drone and causes damage to your property or elsewhere, your policy may cover it. From inadvertent pictures to theft, homeowners insurance can pay for defense or replacement. Remember, drones are only covered if they arent used for commercial purposes.

Graveyard Damage
If a headstone or other property on a cemetery plot is damaged, stolen or vandalised, your policy is set up to reimburse you. Even natural damage, such as a fallen branch or fire, is covered under your homeowners insurance policy.

Off-Premise Incidents
Yes, items stolen from your home are covered. But what about items outside of your home, like your kids dorm? Well, thats covered, too. If items are stolen from your kids college dorm, your car or even your boat, those losses can be reimbursed by your insurance company up to 10 percent.

Space Debris
If a meteor, asteroid, rocket, aircraft or satellite, as well as any other falling objects, cause damage to your home, its insured under most homeowners insurance policies. If however, the damage is done to your car or boat, you will need to contact your car or boat insurer. Coverage is available even if the fallen object is a branch from your neighbors tree.

Be sure to check with your insurance agent to find out the details of what is covered under your policy.

Published with permission from RISMedia.

Whether you have just moved into your first home or simply need to update your living room furniture, finding the right couch for you and family is a must. With so many styles and sizes to choose from, this process can become overwhelming. Here are seven different types of sofas to help you in your search for the couch that fits your wants, needs and most importantly, your home:

Sectional
A sectional sofa is made up of multiple pieces, usually 3 to 5, arranged in either an L or U shape. Some styles offer more sections and can even allow you to configure the couch to your liking or to best fit into a particular space. Ottomans are sometimes added as pieces of a sectional and can be placed up against the couch to create a bed-like style. Because you break down or build up the size of this sofa, sectionals can be ideal for any type of home, large or small.

Pull Out Sofa Bed
Speaking of a bed-like style, a pull out sofa bed is exactly that. This traditional looking couch houses a large bed under its seat. By removing the seat cushions, you have access to pull out the folded up, usually full-to-queen size mattress. A great option for guests, this bed can be made up and slept on comfortably. When the morning comes, strip the bed and easily fold it back into the seat of the couch.

Futon
Another version of a sofa/bed style couch is a futon. The back of this sofa simply folds back to become a flat sleeping surface. These come in many sizes, some large enough to fold out to a queen size bed. A futon is a common couch style used in college dorms, apartments and those who are looking for a budget-friendly option.

Loveseat
A loveseat is known from its name as a couch made for two people. This sofa can come in many different styles and is most commonly part of a living room set, paired with a larger couch and sometimes a chair. If not used in a set, this is a good choice for a home with a smaller living room, such as an apartment, or can even be used as an accent piece in a master bedroom, paired with an ottoman or small table.

Chaise Lounge
A master bedroom may instead feature a chaise lounge. This sofa-style long chair is more of a decorative piece of furniture than a necessity, however, they are still a popular option for a room dedicated to relaxation. Some styles feature no arms, similar to a lounge chair by the pool or patio, while others feature one arm. For someone looking for a decadent, yet cozy spot to unwind, a chaise lounge could be the perfect sofa.

Recliner Sofa
Derived from the classic reclining chair, reclining sofas are made for ultimate comfort. Some styles allow only the end seats to recline, while others will allow everyone on the couch to lay back and relax. Some even feature high-tech controls and built-in cup holders and table tops. Leather is a popular textile for the reclining sofa, especially when its put into a media room or man cave.

Mid-Century Modern
For a clean, minimalistic look, a mid-century modern style couch is the way to go. There are many different designs that can fall under this category, all created to show off a simple, yet striking style. Though mid-century modern furniture is made to look good, the comfort level isnt always a prominent feature. But in a living room styled with plenty of pillows and throws, sacrificing comfort for character is worth it.

Published with permission from RISMedia.

With each season comes new trends and styles in interior decorating. While it’s fun to explore ideas and revamp a home, it can be costly and become outdated within months.

If you’re itching to refresh your space without overdoing it, home accents are the best way to change a room with minimal effort. Here are a few ideas to swap out when you’re considering a new look in your home:

Hang Prints
Prints are an inexpensive way to decorate your space. Whether you buy online or print them out at home, hanging them with modern picture frames is an easy way to enhance a room. By choosing a quality frame, it’ll be easy to swap out prints every couple of months without replacing the frame itself”something that can become costly.

If you’re on the artistic side, try painting or creating your own piece to hang up, as engaging with art has been shown to lessen stress and improve memory. If you’re grouping art together on a wall, getting similar or identical frames will create a cohesive look between pieces.

House Plants
Plants are a wonderful accent to have in any space. Bright pops of greenery are one way to add natural color and design to a room, and if you have any unsightly areas, a large plant is a great way to cover it.

Besides aesthetic purposes, plants have been shown to help get rid of common air toxins and indoor pollutants, thus improving your air quality. Not only that, but plants actually add moisture to the air as well, meaning you won’t have to invest in a humidifier to prevent a dry room. Don’t have a green thumb? There are many different house plants that don’t need much care to thrive in their environment, such as Chinese evergreen or cast iron plants.

Refurbishing Furniture
Refurbishing is a fun DIY project that can give new life to a piece of furniture that looks old and dated. If you’re looking to overhaul a wooden credenza or buffet, a unique idea is to utilize peel-and-stick wallpaper. As opposed to painting a furniture piece, which can become messy, peel-and-stick wallpaper is easy to handle and place. This can be used as an accent statement in a room. Adding a funky pattern to your furniture is a nifty way to incorporate depth and texture. Since it’s easy to work with, you can quickly swap out wallpapers for different colors and designs.

With these simple tips, you can easily upgrade your space without spending a lot of money or time. Changing details such as accents goes a long way to giving your home a fresh feel”it’s recommended you swap these out every season!

Source: Rebecca Tillsman/RISMedias Housecall

Published with permission from RISMedia.